Beyond Bank is one of the top customer-owned banks operating in Australia, providing its customers with a wide range of financial services and products, including savings and transaction accounts, credit cards, home loans, personal loans, and car loans.
In this article, we will review the Beyond Bank Car Loan with low rates including its features, fees and charges, eligibility requirements, and application process.
Features of the Beyond Bank Low Rate Car Loan
The Beyond Bank Car Loan is a flexible option that aims to make the road to getting your new car smoother. The loan comes with a range of features, including:
- Competitive interest rate: The loan comes with a fixed interest rate of 5.99% p.a., which is competitive in the car loan market. The comparison rate is 6.36% p.a.
- No early repayment fees: If you’re able to pay back your loan early, you’ll be able to do so without incurring any early repayment fees.
- Pre-approvals: You can be approved for a loan before you’ve found the car you want to buy.
- Redraw: You can make additional repayments and redraw on those repayments without penalty.
- Loan terms: You can repay this car loan over a period of up to 7 years.
- Car eligibility: You can borrow a minimum of $5,000, and the car you’re looking to finance also needs to be new or less than two years old.
Fees and Charges
It’s essential to consider all aspects of this loan before clicking “Go to site.” The Beyond Bank Low Rate Car Loan “Special Offer” comes with the following fees and charges:
- Establishment fee: This loan comes with an establishment fee of $175.
- Security documentation fee: You’ll need to pay a security documentation fee of $25.
- PPSR fee: You’ll be charged a fee of $35.
It’s important to note that there are no charges for making additional repayments, redrawing on those payments, or paying off your loan early.
Eligibility Requirements
To be eligible for the Beyond Bank Low Rate Car Loan “Special Offer,” you must meet the following criteria:
- You’re over the age of 18.
- You are an Australian citizen or permanent resident.
- Your credit history is in good standing with no unpaid defaults or declarations of bankruptcy, and you agree to a credit check.
- You have a regular net income of over $2,000 per month.
How to Apply for the Beyond Bank Car Loan
If you’re interested in applying for the Beyond Bank Car Loan, you can begin the application process on their website.
The application process should only take about 15 minutes to complete. If you’re applying with another person, you’ll need to have their details as well.
Once you have completed the application, Beyond Bank will review your application and may ask for additional documentation to support your application.
If approved, you will receive a loan contract outlining the terms and conditions of the loan. You will need to sign and return the contract before the funds are disbursed.
Customer reviews
When considering a car loan with Beyond Bank, it is important to read reviews from other customers who have used the product to get an idea of the level of service and experience you can expect.
Beyond Bank has an overall rating of 4.4 out of 5 stars on productreview.com.au, based on almost 300 customer reviews.
Positive reviews highlight the competitive interest rates, excellent customer service, and easy application process. Negative reviews mention issues with delays in loan processing and communication with the bank.
Pros and Cons
Before making a decision on whether to apply for the Beyond Bank Low Rate Car Loan, it’s essential to consider its pros and cons.
Pros
- Low fixed interest rate: The loan comes with a competitive fixed interest rate of 5.99% p.a.
- No early repayment fees: You can pay off your loan early without incurring any fees.
- Flexible loan terms up to 7 years: You can repay this loan over a period of up to 7 years.
Cons
- Establishment fee: The loan comes with an establishment fee of $175.
- Minimum loan amount of $5,000: You can’t borrow less than $5,000 with this loan.
- Only for new cars or cars less than two years old: The loan is only available for new cars or cars that
Conclusion
The Beyond Bank Low Rate Car Loan Special Offer offers a competitive interest rate and flexible loan terms, making it a great option for those looking to purchase a new car or a car less than two years old.
The lack of early repayment fees and the ability to redraw on additional repayments are also attractive features. However, the establishment fee and minimum loan amount may deter some customers.
It is important to check the eligibility requirements and read the terms and conditions carefully before applying for any car loan.
Beyond Bank also offers other car loan products, so it may be worth comparing these options to find the best fit for your needs.
Overall, Beyond Bank’s reputation as a customer-owned bank with a strong focus on community values may make it an appealing option for those looking for a car loan.
